Canadian Market Remains Weak Despite Coming Off Early Lows

RTTNews | 13 jam 49 menit yang lalu

(RTTNews) - The Canadian stock market's benchmark S&P/TSX Composite Index remains firmly down in negative territory Friday afternoon despite regaining a significant portion of the ground it lost in early trades.

Concerns about inflation and prospects of interest rate hikes amid elevated oil prices following the latest Houthi attacks on Saudi targets weigh on sentiment. Doubts about expenditure on AI-related investments yielding sufficient returns appear to be contributing as well to the cautious mood in the market.

Real estate, consumer staples and communications stocks are among the major losers. Financials and consumer discretionary stocks are also showing weakness. Energy stocks are up, riding on higher crude oil prices. Shares from other sectors are turning in a mixed performance.

The S&P/TSX Composite Index, which dropped nearly 500 points to a low of 35,491.62 around mid-morning, was down 123.47 points or 0.34% at 35,849.98 a little while ago. Winpak reported earnings per share of $0.60 for the third-quarter, lower than an expected EPS of $0.63. The company had reported an EPS of $0.60 in the year-ago quarter. Third-quarter revenue came in at $312.47 million, compared with $282.97 million a year ago. The stock is up marginally.

FirstService Inc. is down 3.7% despite reporting higher earnings. The company reported third-quarter revenue of $1.53 billion, compared with $1.45 billion a year ago. EPS increased to $1.89 from $1.76 in the year-ago quarter.

Mullen is plunging more than 8% despite reporting a sharp jump in earnings. The company reported a notable jump in earnings per share at $0.52 for the third quarter. That compares with $0.36 in the year-ago quarter. Revenue was $653.2 million in the latest quarter, as against $561.8 million a year ago.

Retail sales in Canada likely increased 0.7% month-over-month in September 2026, extending a 1.2% rise in August, according to preliminary estimates. Retail sales in Canada rose by 5.4% from a year ago in August 2026, following a 5.1% advance in the prior month.

Canada's manufacturing sales advance estimate indicates that total manufacturing sales edged up 0.1% month-over-month in September 2026, after rising 1.5% in August.

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